Politicians, the media, and the markets have all responded negatively to President Trump’s proposed tariffs on steel and aluminium.
But Congresswoman Marcy Kaptur (D-OH) has a different perspective. The trade war concerns won’t materialize “if you have a good agreement,” she told Cheddar. “We need trade parity, we need reciprocity in trade.”
She pointed out that China churns out 2.3 billion metric tonnes of steel every year when the world only uses 1.5 billion.
“You’ve got this enormous overhang on the global market...so America ends up being the dump market and our workers get put out of work.”
However, China’s steel manufacturing muscle doesn’t necessarily impact the U.S. market. In 2017, the U.S. got most of its steel from Canada and Mexico, according to the [Commerce Department](https://www.trade.gov/steel/countries/pdfs/imports-us.pdf).
On Wednesday, the White House announced certain markets, such as Canada and Mexico, may be exempt from the proposed 25 percent tax on steel imports and 10 percent tariffs on aluminium. The administration is expected to make the official announcement on them later this week.
Driven by a rare urgency, Senate Republicans are poised to unveil an extensive package of policing changes that includes new restrictions on police chokeholds and other practices.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
In its semi-annual monetary policy report to Congress, the central bank said that the COVID-19 outbreak was causing “tremendous human and economic hardship across the United States and around the world.”
New York Gov. Andrew Cuomo has signed into law a sweeping package of police accountability measures that received new backing following protests of George Floyd's killing.
Connecticut Attorney General William Tong joined Cheddar to discuss the details of the investigation into the price-fixing of generic drugs.
What exactly "defund" means in practice varies depending on who you're asking, but the broader goal is simple: funnel money away from law enforcement into other public programs.
The problem of homelessness continues to get worse in Los Angeles County. The number of homeless people counted over the past year jumped nearly 13% to more than 66,000 and officials fear another spike due to the impact of the coronavirus pandemic.
As Twitter waded into controversy for taking steps to fight misinformation and controversial remarks from perhaps its most famous tweeter, President Donald Trump, Facebook has taken the opposite tack, but with no less backlash.
Will Jawando, Montgomery County, Maryland councilmember, has introduced a resolution deeming racism a public health crisis. Jawando explains how systemic racism negatively impacts the black community beyond policing.
he Dow Jones industrials lost more than 1,800 points, nearly 7%, as increases in coronavirus cases deflated optimism that the economy could recover quickly from its worst crisis in decades.
